Real estate market stays steady through Spring start
The chaos created by threats of tariffs and a tradewar is the likely reason for a cooler start to the spring housing market.
“Political uncertainty associated with the federal election, combined with broader economic concerns stemming from the United States tempered our brisk spring market growth,” Victoria Real Estate Board Chair Dirk VanderWal said in a media release. “The good news is we remain in that sweet spot of inventory, which we currently find is between 3,000 and 4,000 listings.”
VanderWal, who spoke to The Chamber’s Public Policy and Advocacy Committee on Tuesday along with VREB CEO David Corey, said that having available inventory is good for buyers, sellers and the 1,600 real estate agents working in our region.
“Currently, single family homes in certain price ranges are in demand and may see multiple offers, while there is a larger supply of condos waiting for buyers,” VanderWal said.
The benchmark value for a single family home in the Victoria Core in April was $1,344,800, up from March’s value of $1,335,300. The benchmark value for a condominium in April was $566,100, up from the March value of $560,400.
